Wild pump at the crossroads of crypto and Wall Street: traders spotted a mention of JINQIAN mushrooms (“money mushroom”) in a report from Chinese mushroom supplier Farmmi, and spun up a meme coin with the same name. The new coin started trading against a FAMI token that looked a lot like a “tokenized stock” of Farmmi. In reality, no such token existed on Robinhood, and it wasn’t backed by real shares.

How a Meme Coin Turned Into a “Stock”

The FAMI token’s creator minted 37.43 million tokens—almost exactly matching Farmmi’s actual share count—and kept 38% of the supply. This visual and numerical “rhyme” with the real ticker made the token look legit, and pairing it with JINQIAN fueled even more speculation.

The Hype Bleeds Onto Nasdaq

The scheme spilled out of crypto and into the stock market: Farmmi shares on Nasdaq shot up from $0.12 to $0.50, with trading volumes exploding to 150x the daily average. Meanwhile, the fake FAMI token hit $1.83—nearly four times the price of a real Farmmi share. At its peak, JINQIAN’s market cap touched $60 million, almost 10x Farmmi’s own valuation.

Why It Matters

This saga shows just how easily confusion between memecoins and “pseudo-tokenized” assets can move real stock prices. For retail traders, it’s a wake-up call: just because a token looks or sounds like a stock doesn’t mean it’s actually backed by anything or connected to the real company.